A Nebraska legislative committee has given preliminary approval to a bill that would tax hemp and CBD products in the state at a whopping 100 percent rate.
The cannabis product tax hike is part of legislation designed to bring in more money to state coffers to offset property tax bills, according to an outline of the plan from Sen. Lou Ann Linehan (R), the legislation’s sponsor, that was posted by a Nebraska Public Media reporter.
The legislature’s Revenue Committee advanced the underlying measure, LB 388, on a 7–0 vote on Thursday, according to a report in the Nebraska Examiner. The state’s full unicameral legislature could take up the bill as soon as Tuesday.
“We are going to tax hemp and CBD at 100%,” Linehan’s document says, adding that, along with other reforms—including removing sales tax exemptions on soda, candy, pet services, advertising revenue over $1 billion and lottery tickets—the change is estimated to bring in $182 million in new revenue for the state.
The changes are not currently reflected in the bill’s language as available online, nor has any relevant amendment been posted to the bill page. Linehan, who also chairs the panel that approved the measure this week, did
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